Projector

I'm getting an old Sanyo z1 projector for my wii, and it looks as if the picture would be great if I use the component cables. I would also get the wireless sensor bar and a new surround system. The projector is pretty old, but it looks as if it could do the job pretty well. Does this sound like a good idea?

I use an InFocus ScreenPlay 4805 with my Wii and it works just fine. I have my Wii under the TV and then a cable running from it to the projector which hangs on the ceiling in the back of the room. Here's what I used from monoprice.com.